diff --git a/src/plugins/mcusupport/mcupackage.cpp b/src/plugins/mcusupport/mcupackage.cpp
index 15b6b589859..2ff913c680e 100644
--- a/src/plugins/mcusupport/mcupackage.cpp
+++ b/src/plugins/mcusupport/mcupackage.cpp
@@ -42,12 +42,12 @@ McuPackage::McuPackage(const SettingsHandler::Ptr &settingsHandler,
                        const QString &downloadUrl,
                        const McuPackageVersionDetector *versionDetector,
                        const bool addToSystemPath,
-                       const Utils::PathChooser::Kind &valueType)
+                       const Utils::PathChooser::Kind &valueType,
+                       const bool useNewestVersionKey)
     : settingsHandler(settingsHandler)
     , m_label(label)
-    , m_defaultPath(settingsHandler->getPath(settingsKey, QSettings::SystemScope, defaultPath))
     , m_detectionPaths(detectionPaths)
-    , m_settingsKey(settingsKey)
+    , m_settingsKey(settingsHandler->getVersionedKey(settingsKey, QSettings::SystemScope, versions, useNewestVersionKey))
     , m_versionDetector(versionDetector)
     , m_versions(versions)
     , m_cmakeVariableName(cmakeVarName)
@@ -56,7 +56,8 @@ McuPackage::McuPackage(const SettingsHandler::Ptr &settingsHandler,
     , m_addToSystemPath(addToSystemPath)
     , m_valueType(valueType)
 {
-    m_path = this->settingsHandler->getPath(settingsKey, QSettings::UserScope, m_defaultPath);
+    m_defaultPath = settingsHandler->getPath(m_settingsKey, QSettings::SystemScope, defaultPath);
+    m_path = settingsHandler->getPath(m_settingsKey, QSettings::UserScope, m_defaultPath);
     if (m_path.isEmpty()) {
         m_path = FilePath::fromUserInput(qtcEnvironmentVariable(m_environmentVariableName));
     }
diff --git a/src/plugins/mcusupport/mcupackage.h b/src/plugins/mcusupport/mcupackage.h
index 2efeb5e127f..a74c08bcf2d 100644
--- a/src/plugins/mcusupport/mcupackage.h
+++ b/src/plugins/mcusupport/mcupackage.h
@@ -40,7 +40,8 @@ public:
                const McuPackageVersionDetector *versionDetector = nullptr,
                const bool addToPath = false,
                const Utils::PathChooser::Kind &valueType
-               = Utils::PathChooser::Kind::ExistingDirectory);
+               = Utils::PathChooser::Kind::ExistingDirectory,
+               const bool useNewestVersionKey = false);
 
     ~McuPackage() override = default;
 
diff --git a/src/plugins/mcusupport/mcusupportsdk.cpp b/src/plugins/mcusupport/mcusupportsdk.cpp
index 689ab875b42..18d62f41e91 100644
--- a/src/plugins/mcusupport/mcusupportsdk.cpp
+++ b/src/plugins/mcusupport/mcusupportsdk.cpp
@@ -54,7 +54,13 @@ McuPackagePtr createQtForMCUsPackage(const SettingsHandler::Ptr &settingsHandler
                             .withExecutableSuffix()},                   // detectionPaths
                        Constants::SETTINGS_KEY_PACKAGE_QT_FOR_MCUS_SDK, // settingsKey
                        Legacy::Constants::QUL_CMAKE_VAR,
-                       Legacy::Constants::QUL_ENV_VAR)};
+                       Legacy::Constants::QUL_ENV_VAR,
+                       {},                                              // versions
+                       {},                                              // downloadUrl
+                       nullptr,                                         // versionDetector
+                       false,                                           // addToPath
+                       Utils::PathChooser::Kind::ExistingDirectory,     // valueType
+                       true)};                                          // useNewestVersionKey
 }
 
 namespace Legacy {
diff --git a/src/plugins/mcusupport/settingshandler.cpp b/src/plugins/mcusupport/settingshandler.cpp
index 2bae687cfc8..1ecec030b45 100644
--- a/src/plugins/mcusupport/settingshandler.cpp
+++ b/src/plugins/mcusupport/settingshandler.cpp
@@ -10,6 +10,9 @@
 #include <utils/filepath.h>
 #include <utils/store.h>
 
+#include <QRegularExpression>
+#include <QVersionNumber>
+
 using namespace Utils;
 
 namespace McuSupport::Internal {
@@ -27,6 +30,68 @@ static FilePath packagePathFromSettings(const Key &settingsKey,
     return FilePath::fromUserInput(path);
 }
 
+static Key getKeyForNewestVersion(const Key &plainKey,
+                                  QtcSettings &settings)
+{
+    const Key baseKey = Key(Constants::SETTINGS_KEY_PACKAGE_PREFIX + plainKey);
+
+    // Versioned keys have their version string after the last underscore character
+    // Only version strings on the format x[.y.z] are considered.
+    settings.beginGroup(Constants::SETTINGS_GROUP);
+    const QRegularExpression re(QString("%1_\\d+(\\.\\d+){0,2}$").arg(stringFromKey(baseKey)));
+    const QStringList matchingKeys = stringsFromKeys(settings.childKeys()).filter(re);
+    settings.endGroup();
+
+    if (matchingKeys.isEmpty()) {
+        return plainKey;
+    }
+    QVersionNumber newestVersion;
+    for (const auto &k: matchingKeys) {
+        const QString currentVersionStr = k.mid(k.lastIndexOf("_") + 1);
+        const auto currentVersion = QVersionNumber::fromString(currentVersionStr);
+        if (newestVersion.isNull() || newestVersion < currentVersion) {
+            newestVersion = currentVersion;
+        }
+    }
+    const QString newestVersionStr = QString("_%1").arg(newestVersion.toString());
+    return Key(plainKey + newestVersionStr.toLocal8Bit());
+}
+
+
+static Key getVersionedKeyFromSettings(const Key &plainKey,
+                           QtcSettings &settings,
+                           const QStringList &versions,
+                           bool allowNewerVersions = false)
+{
+    const Key keyBase = Key(Constants::SETTINGS_GROUP) + '/'
+        + Constants::SETTINGS_KEY_PACKAGE_PREFIX;
+
+    // Always prefer one of the versions listed in the kit
+    for (const auto &versionString: versions) {
+        const Key versionedKey = plainKey + QString("_%1").arg(versionString).toLocal8Bit();
+
+        if (settings.contains(keyBase + versionedKey)) {
+            return versionedKey;
+        }
+    }
+
+    // Maybe find the newest version listed in the settings
+    if (allowNewerVersions) {
+        return getKeyForNewestVersion(plainKey, settings);
+    }
+
+    // Fall back to the plain key if no versioned key is found
+    return plainKey;
+}
+
+Key SettingsHandler::getVersionedKey(const Key &plainKey,
+                                     QSettings::Scope scope,
+                                     const QStringList &versions,
+                                     bool allowNewer) const
+{
+    return getVersionedKeyFromSettings(plainKey, *Core::ICore::settings(scope), versions, allowNewer);
+}
+
 FilePath SettingsHandler::getPath(const Key &settingsKey,
                                   QSettings::Scope scope,
                                   const FilePath &defaultPath) const
diff --git a/src/plugins/mcusupport/settingshandler.h b/src/plugins/mcusupport/settingshandler.h
index c50dcde1e3c..c5ed62c6428 100644
--- a/src/plugins/mcusupport/settingshandler.h
+++ b/src/plugins/mcusupport/settingshandler.h
@@ -18,6 +18,10 @@ public:
     virtual Utils::FilePath getPath(const Utils::Key &settingsKey,
                                     QSettings::Scope scope,
                                     const Utils::FilePath &m_defaultPath) const;
+    Utils::Key getVersionedKey(const Utils::Key &plainKey,
+                               QSettings::Scope scope,
+                               const QStringList &versions,
+                               bool allowNewer) const;
 
     virtual bool write(const Utils::Key &settingsKey,
                        const Utils::FilePath &path,